Ibrahim Adjei, the Resident Country Director of International Investment LLC, has publicly labeled Ghana’s proposed 24-hour economy policy a “419 agenda” or scam. His strong criticism stems from ongoing power outages that severely hinder businesses’ ability to operate consistently. Adjei questioned the policy's effectiveness given the frequent electricity interruptions.
He warned that current unreliable power supplies are harming companies and causing investors to lose trust in the Ghanaian market. Adjei expressed frustration, stating that Ghana suffers damage from both illegal mining, known as galamsey, and economic challenges caused by power fluctuations. These issues directly impair business operations and growth.
This criticism comes as Ghana continues to grapple with persistent energy supply challenges, often referred to as 'dumsor'. The energy crisis has historically led to significant economic losses, impacting productivity across various sectors. Data from the Bank of Ghana frequently highlights power reliability as a key concern for business confidence surveys, influencing investment decisions and overall economic growth projections. Businesses face increased operational costs and revenue losses due to erratic power.
Adjei's comments, made during an interview on April 27, 2026, underline a deep skepticism shared by some business leaders. He criticized the policy’s structure, particularly the “1-3-3” model, which suggests one job can operate across three shifts to ensure 24-hour service. He stated that while the idea seems good on paper, it does not align with Ghana's current reality. Adjei warned people to approach the policy cautiously, calling it misleading and unlikely to deliver its promised benefits. He also doubted the government’s capacity to implement it within its proposed timeframe, citing a lack of necessary supporting systems.
The implications of this debate are significant for Ghana’s economic future. The government's ability to address underlying infrastructure issues, especially power supply, will determine the success of ambitious policies like the 24-hour economy. Decision-makers and markets will closely watch for clear strategies and investments in the energy sector to bolster business confidence. The effective implementation of the newly signed 24-Hour Economy Authority Bill, which establishes a body to oversee the policy, will be crucial. This move by President John Dramani Mahama highlights the government's commitment, but critics argue that foundational problems must be fixed first for any complex economic policy to thrive.